our steve liesman with the story. steve, this took you by surprise, huh? >> reporter: there were some really interesting comments on there, the release of the fed transcript five years afterwards, and what's clear from the monumental meetings of the fed in 2007 is we know now if we didn't already that jim cramer was right. the fed really did have no idea how bad it was out there. listen to this. >> bernanke is being an academic. he has no idea. >> cramer. >> i've talked to the heads of almost every single one of these firms in the last 72 hours and he has no idea what it's like out there, none! sunshine credibly four days after it was apparent to cramer what was going on, bill dudley, the head of the new york's operations desk said at a meeting, quote, we've done quite a bit of work trying to identify some of the funding questions surrounding bear stearns, countrywide and there's been some strain but looks like there's nothing imminent in those areas. to be fair, dudley would eventually become a leading advocate of extraordinary fed policies. both of those